San Francisco's Fal raises $1.3 billion and doubles its valuation to $16 billion
Bessemer led the Series F. With an earlier Series E, the two rounds total $1.65 billion. Bloomberg put annualized revenue above $800 million.
Fal, a San Francisco company that hosts and runs AI video, image and audio models, has raised $1.3 billion led by Bessemer Venture Partners, with Nvidia, Sound Ventures and T. Rowe Price, TechCrunch reported Tuesday. The deal values Fal at $16 billion, double the $8 billion valuation in April, Bloomberg reported. Fal announced a Series E and Series F together and said the two rounds raised $1.65 billion combined. Sequoia led the earlier round.
Fal said it passed $800 million in annualized revenue earlier this year, according to Bloomberg. Co-founder Burkay Gur previously worked at Coinbase. TechCrunch noted that inference companies' gross margins stay thin because of the cost of compute.
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